Traton sells some assets in Russia, incurs 550 million euro loss
Reuters
Published Sep 13, 2022 11:55
Updated Sep 13, 2022 12:12
FRANKFURT (Reuters) - Volkswagen (ETR:VOWG_p)'s truck division Traton on Tuesday said some of its divisions were disposing assets in Russia, a move that will cause a 550 million euro ($560 million) loss.
MAN Truck & Bus SE and Scania AB, subsidiaries of Traton, are selling their sales companies in Russia to local partners, while Scania is also divesting its Russian financing business, Traton said.
The company said the transactions, which still require regulatory approval, are expected to be completed by the first quarter of 2023.
"Due to the direct impact of the war in Ukraine, asset write-downs and additional expenses of 113 million euros were already incurred in first half-year 2022," Traton said, adding the 550 million would come on top.
The move has no impact on Traton's outlook for adjusted operating return as well as net cash flow in 2022, it said.
($1 = 0.9828 euros)
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.